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Bloomberg "Africa Expected to Ease Cryptocurrency Regulations"

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JOON HYOUNG LEE
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  • In Africa, governments are expected to accelerate efforts to secure regulatory clarity on cryptocurrencies.
  • Many African countries are closely monitoring cryptocurrency transactions to prepare for potential capital outflows.
  • Chris Maurice stated that the cryptocurrency industry has been rapidly growing recently, with increased interest from major financial institutions.
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  • Due to the nature of the technology, key content in the text may be excluded or different from the facts.

Thanks to President Donald Trump's pro-cryptocurrency policies, Africa is expected to ease its related regulations.

Chris Maurice, CEO of African cryptocurrency exchange Yellow Card Financial, stated in an interview with Bloomberg on the 24th, "Seeing the movements in the U.S., several African governments will accelerate securing regulatory clarity on cryptocurrencies." He added, "By next year, there will be comprehensive regulatory changes across the African continent."

In Africa, the instability of national currencies is reportedly leading to increased use of cryptocurrencies. However, most African countries still lack adequate legal frameworks. Bloomberg noted, "In most African countries, cryptocurrency trading remains illegal," and "central banks are closely monitoring cryptocurrency transactions due to concerns over potential capital outflows."

Maurice emphasized that the atmosphere has changed rapidly since President Trump's election last year. Maurice said, "The cryptocurrency industry is growing rapidly in ways that seemed impossible just a few months ago," and "there is increasing contact from major financial institutions, such as banks, that previously did not want to engage with us." He added, "Over the past two years, the regulatory environment for cryptocurrencies across the African continent has significantly improved," and "the 'Trump effect' will accelerate these changes."

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gilson@bloomingbit.ioCrypto Journalist